Reno, NV (PRWEB) September 28, 2017
Today UPD Holding Corp. ("UPDC") announced that on September 27, 2017 it entered into a non-binding Letter of Intent with Record Street Brewing Co., a Nevada corporation ("RSB").
The Letter of Intent provides the basic terms for UPDC to acquire RSB pursuant to a share exchange (the "Exchange") whereby UPDC will issue convertible promissory notes that are convertible into 80,000,000 shares of its common stock to the shareholders of RSB on a prorated basis. The Letter of Intent contemplates closing the Exchange before the end of UPD’s fiscal quarter ended December 31, 2017, subject to completion of the parties' due diligence review and RSB's audit and the approval of RSB's shareholders.
RSB is a domestic beer company that presently has distribution relationships for the states of California and Nevada with Young’s Market Company and Southern Glazer Wine and Spirits, respectively. RSB contract brews through two breweries located in California and Nevada currently has plans for a flagship brewery and tap room in Reno, Nevada.
UPDC believes that the acquisition of RSB will expand its position in the specialty beverage market and complement its iMetabolic line of nutritional beverages that include specially designed powdered drinks that help facilitate weight management and nutritional health.
Mark Conte, Chairman of UPDC, said "The Board has been in discussions with various companies about its next product line acquisition and determined to stay within the specialty beverage space at this time. We believe that Record Street has the right approach to the craft beer industry with its three flagship ales and has a great vision for bringing new products to market. We feel this proposed transaction is in the best interests of our shareholders.”
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